Mid-size businesses push on with growth plans despite Brexit vote

Hayley Kirton
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Mid-size firms are unfazed for the long-term by Brexit (Source: Getty)

The majority of Britain's mid-size businesses are planning to carry on investing and growing, despite many believing June's Brexit vote has hampered their prospects.

In a report released today by accountants BDO and seen exclusively by City A.M., three out of five (60 per cent) of the firms it surveyed predicted positive growth over the next year, while two-thirds (65 per cent) vowed to keep investing over the next two years.

Meanwhile, around a third (29 per cent) predict the Brexit fallout would affect their business in the short term.

However, more than four out of five (82 per cent) of the firms asked thought the UK's decision to depart from the EU had damaged their prospects, while 90 per cent want government to treat access to the Single Market as a priority in its upcoming Brexit negotiations.

Read more: The UK has turned its back on the EU - we must not do the same to China

"The UK's ambitious businesses rely on exports and international trade to thrive and achieve their high-growth targets, so it's unsurprising they want to retain access to the single market to continue tariff-free trade with Europe," said Simon Michaels, managing partner at BDO.

"Despite initial tremors, businesses remain hopeful following the vote for Brexit. However it is important that management teams put measures in place within their business to prepare for what a post-Brexit world could look like.

"Although we've got a wait on our hands before any changes could kick in, assessing the impact of leaving the EU should be on every boardroom agenda."

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